The winger is talking terms with Chris Coleman and the City board but Bristol City are reporting that the deal is far from done.
"We can't say too much but we have had a bid from a club and it has been accepted. Nothing's done yet but Michael is talking terms with them.", was Bristol City boss Gary Johnson's response to his club's official website.
Edinburgh born McIndoe started with Luton Town and has played for Hereford, Yeovil, Doncaster, Derby, Barnsley, Wolves and Bristol City for whom he has made 89 appearances scoring twelve goals.